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The Coronado Theater, owned by Meg Vargo, will begin operations in March. The Coronado will be unique in that it will show only triple
The Coronado Theater, owned by Meg Vargo, will begin operations in March. The Coronado will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Coronado showed: No. 101 Cash $33,850, No. 157 Equipment $9,400, No. 201 Accounts Payable $6,800, and No. 301 Owner's Capital $36,450. During the month of March, the following events and transactions occurred. Mar. 2390222 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,750; $1,685 was paid in cash and $2,065 will be paid on March 10. Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $175 per night. Received $4,700 cash from admissions. Paid balance due on Indiana Jones movies rental and $2,000 on March 1 accounts payable. Paid advertising expenses $950. Received $4,690 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1,750. Paid salaries of $3,305. Received $9,500 cash from customers for admissions. Paid $20,800 for building rental. In addition to the accounts identified above, the chart of accounts includes No. 400 Service Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Your answer is partially correct. Enter the beginning balances in the ledger.
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